Nonprofit · EIN 36-3566632
NORTHEAST ENTREPRENEUR FUND INC
Also known as ENTREPRENEUR FUND
Tax-exempt · DULUTH, MN 55802
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $20,597,228 | $13,593,307 | $7,003,921 | $83,445,384 | $47,297,885 | $36,147,499 |
| December 31, 2023 | 990 | $12,753,094 | $7,770,279 | $4,982,815 | $70,821,340 | $41,677,762 | $29,143,578 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $16,455,222
- of which government grants
- $7,129,167
- Program service revenue
- $3,517,557
- Investment income
- $621,949
- Net income from sales of inventory
- $2,500
- Other revenue
- $2,500
Expenses
- Grants and similar amounts paid
- $552,718
- Compensation of officers, directors and key employees
- $564,143
- Other salaries and wages
- $2,886,188
- Salaries, compensation and benefits (total)
- $4,210,259
- Professional fundraising fees
- $0
- Legal fees
- $48,638
- Accounting fees
- $25,500
- Occupancy
- $134,331
- Travel
- $130,343
- Depreciation
- $8,255
- Program services (functional)
- $12,502,694
- Management and general (functional)
- $789,818
- Fundraising (functional)
- $300,795
Balance sheet and other
- Total assets, start of year
- $70,821,340
- Total assets, end of year
- $83,445,384
- Total liabilities, end of year
- $47,297,885
- Net assets, end of year
- $36,147,499
- Net assets without donor restrictions
- $33,767,097
- Net assets with donor restrictions
- $2,380,402
- Gross receipts
- $20,597,228
- Employees
- 49
- Volunteers
- 19
- Year formed
- 1989
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| SHAWN WELLNITZ | CEO/PRESIDENT Officer | 40 | $251,274 | $12,266 |
| MICHAEL LATTERY | DIR. OF BUSINESS FINANCE Highest-paid employee | 40 | $156,431 | $21,424 |
| KURT THOMPSON | COO Officer | 40 | $154,212 | $20,642 |
| ZACHARY HOY | CREDIT MANAGER Highest-paid employee | 40 | $114,634 | $22,308 |
| CARLA TICHY | DIR. OF ACCOUNTING AND COMPLIANCE Officer | 40 | $109,668 | $22,394 |
| ROBERT SJOSTRAND JR | DIR. OF BUSINESS SERVICES Highest-paid employee | 40 | $108,048 | $7,340 |
| JIM ZASTROW | TREASURER Trustee or director, Officer | 2.5 | $0 | $0 |
| TABITHA BEIBER | TREASURER (THRU 8/31) Trustee or director, Officer | 1 | $0 | $0 |
| CRYSTAL ROHDE | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ARIK FORSMAN | VICE-CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ELIZABETH CHAPMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MEGAN ERICKSON KELLIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DUSTIN GOSLIN | DIRECTOR (THRU 8/31) Trustee or director | 1 | $0 | $0 |
| DAVID MANION | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JULIE PADILLA | DIRECTOR (THRU 8/31) Trustee or director | 1 | $0 | $0 |
2 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| JAKE ROBINSON | DIRECTOR Trustee or director | 1 | $0 |
| DIANE WEBER | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 16 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| SHAWN WELLNITZ | CHIEF EXECUTIVE OFFICER Officer | 50 | $263,586 | $11,501 |
| MICHAEL LATTERY | DIRECTOR OF BUSINESS FINANCE Highest-paid employee | 40 | $161,834 | $20,296 |
| CARLA TICHY | DIR. OF ACCOUNTING AND COMPLIANCE Officer | 50 | $111,886 | $23,247 |
| ZACHARY HOY | CREDIT MANAGER Highest-paid employee | 40 | $115,616 | $5,596 |
| KURT THOMPSON | CHIEF OPERATING OFFICER Highest-paid employee | 40 | $107,753 | $10,783 |
| CRYSTAL ROHDE | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ARIK FORSMAN | VICE-CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| ANDY DONAHUE | VICE-CHAIR (TERMED APRIL) Trustee or director, Officer | 1 | $0 | $0 |
| TABATHA BEIER | SECRETARY/TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| ELIZABETH CHAPMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MEGAN ERICKSON KELLIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DUSTIN GOSLIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL HOLDEN | DIRECTOR (TERMED APRIL) Trustee or director | 1 | $0 | $0 |
| DAVID MANION | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JULIE PADILLA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DIANE WEBER | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 202 W SUPERIOR ST STE 311, DULUTH, MN 55802-1971
- Principal officer (990 for 2024)
- SHAWN WELLNITZ, 202 WEST SUPERIOR STREET 311, DULUTH, MN 55802
- Signed the 990
- CRYSTAL ROHDE, CHAIR
- Phone
- (218) 623-5747
- Website
- WWW.EFUND.ORG
- Return prepared by
- CLIFTONLARSONALLEN LLP
Mission
THE MISSION OF ENTREPRENEUR FUND IS TO ADVANCE COMMUNITY ECONOMIC DEVELOPMENT IN RURAL AND UNDERSERVED COMMUNITIES. WE WORK TO ACHIEVE THIS BY ACTIVELY PARTNERING WITH ENTREPRENEURS TO STIMULATE THE GROWTH OF SUCCESSFUL BUSINESSES. OUR VISION IS TO HAVE VIBRANT COMMUNITIES AND A DIVERSE REGIONAL ECONOMY THAT IS CREATED AND SUSTAINED BY ENTREPRENEURS.
Program accomplishments
- THE NORTHEAST ENTREPRENEUR FUND (EF) PROVIDES SMALL BUSINESS SERVICES AND LOANS TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS IN ITS 29 COUNTY SERVICE AREA OF MINNESOTA AND WISCONSIN. IN 2024, TOTAL PROGRAM COSTS OF $12,502,694 WERE EXPENSED TO PROVIDE SERVICES TO 1,856 ENTREPRENEURS. 164 LOANS WERE DISBURSED TO THOSE CLIENTS TO START,STABILIZE OR EXPAND THEIR BUSINESSES. A TOTAL OF $11.1 MILLION IN LOANS WERE APPROVED. A MAJORITY OF THOSE WERE DISBURSED TO LOW-INCOME INDIVIDUALS OR IN LOW-INCOME COMMUNITIES. EF TARGETS AND SERVES UNDERSERVED BUSINESS OWNERS AND RURAL COMMUNITIES. THE ORGANIZATIONAL EXPENSES, NON-PROGRAM RELATED WERE A TOTAL OF $300,796 FOR FUNDRAISING, $834,693 FOR MANAGEMENT AND GENERAL COSTS TO SUPPORT THE MISSION. PROGRAM REVENUE TOTALED $3,517,557.Expenses $12,502,694 · grants $552,718 · revenue $3,517,557
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 36-3566632
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1988
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $83,445,384
- Income (IRS master file)
- $20,597,228
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $20,597,228 | $13,593,307 | $83,445,384 | XML |
| 990 | December 2023 | $12,753,094 | $7,770,279 | $70,821,340 | XML |
| 990 | December 2022 | $13,045,758 | $7,187,889 | $67,902,279 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 36-3566632).
Questions about NORTHEAST ENTREPRENEUR FUND INC
- What is the EIN of NORTHEAST ENTREPRENEUR FUND INC?
- The employer identification number (EIN) of NORTHEAST ENTREPRENEUR FUND INC is 36-3566632.
- Is NORTHEAST ENTREPRENEUR FUND INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1988.
- Are donations to NORTHEAST ENTREPRENEUR FUND INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NORTHEAST ENTREPRENEUR FUND INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NORTHEAST ENTREPRENEUR FUND INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NORTHEAST ENTREPRENEUR FUND INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NORTHEAST ENTREPRENEUR FUND INC?
- The 990 for the year ended December 31, 2024 names SHAWN WELLNITZ.
- Who are the officers and directors of NORTHEAST ENTREPRENEUR FUND INC?
- The 990 for the year ended December 31, 2024 lists 17 people; 6 received compensation from the organization, the highest $251,274 (SHAWN WELLNITZ, CEO/PRESIDENT).
- How much revenue does NORTHEAST ENTREPRENEUR FUND INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $20,597,228, expenses of $13,593,307 and total assets of $83,445,384 at year end.
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